📈 GOLD → ATH Update. What are the reasons? Next up is 2500?
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GOLD has been breaking through ATH and testing 2450 since the opening of the session. Possible reasons could be fundamentally weak dollar, as well as geopolitical reasons related to Iran
Earlier we defined exactly the end of the correction, the intermediate bottom at that moment was the area of 2300 and since that moment the price has overcome the way of 150 dollars or 6%. The bulls are back in the market and traders are ready to support the acutal trend.
It is worth paying attention to the support of 2431, 2417, it is possible the beginning of a small correction (assumed 4th wave), within which the price can test the above mentioned areas of liquidity before further growth.
Support levels: 2431, 2425, 2417
Resistance levels: 2450, 2475
The bulls will actively defend the nearest liquidity areas and strong support levels, as these are the risk areas for the buyer. The trend may get its continuation either after a pullback or when the price breaks through and consolidates above 2450